Gold-for-oil lacks clarity; Auditor General flags high level of opacity — Energy Minister Jinapor

Energy Minister John Abdulai Jinapor has questioned the transparency of the Gold-for-Oil (G4O) program, arguing that it is shrouded in secrecy and lacks the clarity needed for its effective implementation.

The Gold-for-Oil programme, which was introduced by the previous government as a means to leverage the country’s gold reserves in exchange for petroleum products, has come under intense scrutiny.

Critics have repeatedly questioned the programme’s operational framework, referencing the lack of publicly available information on key transactions and the selection process for participating companies.

The Auditor General’s report, which flagged several irregularities in the programme, has further fueled calls for reform.

In an interview on Joy TV, he stated that the current system is flawed and will be replaced with a more transparent alternative.

“There’s a high level of opacity, and the clarity is not there,” he stated.

“The Auditor General has flagged it. So it’s not just what we are saying..it is a fact. The reality is that we are reforming all this because of the high level of opacity.

"If it were that clear, and was that transparent, and you could see everything easily, then you would not even need the reforms we are pursuing,” he added.

Mr. Jinapor’s statements suggest a clear intent by the new administration to overhaul the existing structure and introduce a more accountable and transparent alternative.

The Minister argued that accessing relevant information about the deals, particularly those involving offshore companies, has proven difficult.

“We are pursuing these reforms because of the opacity and the lack of clarity,” he explained.

“It is difficult to get information, even in respect of offshore and all these companies that are dealt with. The criteria for even selecting the companies is not clear-cut. So clearly, there’s a problem, that is why we want to reform,” he added.

When asked whether the current administration plans to maintain the Gold-for-Oil programme in the interim, Mr. Jinapor was unequivocal in his reaction.

“No, we will replace it with a better programme. The current Gold-for-Oil programme we’ve inherited, we will discontinue.”